LYXOR / BRIDGEWATER CORE PROFILE | SEPTEMBER 2019 ClassFUND I - USD - CLASS I USD MULTI ASSET “A unique opportunity to access Bridgewater's expertise through a daily UCITS vehicle ”

A FUNDAMENTAL, SYSTEMATIC, DIVERSIFIED GLOBAL MACRO HYPOTHETICAL STRATEGY PERFORMANCE STRATEGY CUMULATIVE HYPOTHETICAL PERFORMANCE SINCE MAY 1996 (%)

The Lyxor/Bridgewater Core Global Macro Fund ("the Fund") is a fundamental and systematic macro portfolio. The fund targets a gross excess return of 8% with 9% volatility and low correlation to traditional through a mix of long, and positions.

A BLEND OF BRIDGEWATER'S EXPERTISE INTO A DAILY UCITS STRUCTURE

The Fund leverages Bridgewater's accumulated understanding of how to best time markets and capture risk premiums into a UCITS portfolio. The strategy is based on a risk-budget allocation: i) 50% to All Weather, which seeks to capture risk premiums through shifts in the economic environment, ii) 50% to Pure Apha Major Markets, which aims to exploit opportunities through active portfolio management. Based on fundamental views and applied systematically in more than 50 markets Due to MIFID II regulation, fund performances are not displayed in this document. The performance information presented herein does not represent the results of an actual fund. The Hypothetical past across 5 asset classes, the Fund is a diversified UCITS investment performance shown since June 1996 (“Hypothetical Strategy Past Performance”) is rebalanced monthly and based on a combination of two funds managed by Bridgewater Associates LP (“Bridgewater”): (i) the performance history for solution with daily liquidity that is designed to fit well in a core portfolio. 50% of investment in the All Weather Fund in US dollar gross of fees originally at 10% volatility scaled to 11% volatility for the Hypothetical Strategy (that seeks to harvest risk premiums) dating back to June 1996 (“Reference Fund 1”), (ii) the retreatment of the performance history from June 1996 to October 2010 for 50% of investment in the BRIDGEWATER'S OVERVIEW Pure Alpha Major Markets Fund in US dollar gross of fees originally at 14% volatility scaled to 11% volatility for the Hypothetical Strategy (that seeks to time market) (“Reference Fund 2”), (iii) the performance history since November 2010 for 50% of investment in the Pure Alpha Major Markets Fund in US dollar gross of fees originally at 14% Founded in 1975 by , Bridgewater is a fundamental manager volatility scaled to 11% volatility for the Hypothetical Fund (that seeks to time market) (“Reference Fund 3”).The Pure Alpha Major Markets Fund incepted in November 2010. Prior to November 2010, returns of the Reference Fund 2 are that implements its views systematically. Its sole focus is researching simulated based on the performance of the Pure Alpha Fund, a similar Fund as Pure Alpha Major Markets, also and trading the global markets in an effort to generate high and managed by Bridgewater but with some differences detailed as follows: the Pure Alpha Fund have been further modified to remove the returns from markets that were capacity and liquidity constrained in the Pure Alpha Fund to consistent returns. more closely reflect the Pure Alpha Major Markets Fund. Pure Alpha Major Markets trades markets within the Pure Alpha Fund, encompassing approximately 2/3 of the pure Alpha risk budget with a slight emphasis on longer-term trading strategies although Pure Alpha Major Markets draws upon the most liquid components of the Pure Alpha Fund and trades in markets that are not capacity constrained. Bridgewater expects Pure Alpha and Pure Alpha Major SUB-MANAGER / ADVISOR DETAILS* Markets to exhibit a high degree of correlation with similar returns over time. Where shown, performances of the Hypothetical Strategy are presented net of fees using a 1.5% fixed fee and a 15% performance fee charged yearly. Hypothetical Strategy Past Performance is for illustration purposes only. Results of the Hypothetical Strategy Past Strategy Global Macro Performance have certain inherent limitations. Hypothetical Strategy Past Performance is not representative of an actual or expected performance record due to, among other reasons, the different regulatory structures, fees, Geographical zone Global expenses, impact of subscriptions and redemptions and investment . Unlike an actual performance record, May 1975 simulated performance does not represent actual trading or the costs of managing a portfolio. Also, since the trades Date firm incorporation have not actually been executed, the results may have under or over compensated for the impact, if any, of certain Strategy inception date May 1996 market or economic factors, such as lack of liquidity or the impact of subscriptions and redemptions in a fund. Hypothetical Strategy Past Performance in general is also subject to the fact that it is designed with the benefit of AuMs - Firm - hindsight. The inclusion of simulated past performances based on Pure Alpha Major Markets Fund, Pure Alpha Fund and All Weather Fund does not constitute an offer to solicit nor an offer to sell any securities or interest in the Pure AuMs - Strategy - Alpha Major Markets Fund, Pure Alpha Fund and All Weather Fund or interest in any Bridgewater or Lyxor fund or program. No part of this discussion or the material shown herein may be (i) taped, repeated, copied, or duplicated in Total firm staff 1600 any form by any means or (ii) redistributed to the public or the press in any way without the prior written consent of Bridgewater and Lyxor Asset Management. THE FIGURES RELATING TO HYPOTHETICAL PAST PERFORMANCE AND *Information as of end of August 2019 PAST PERFORMANCE REFER OR RELATE TO PAST PERIODS AND ARE NOT A RELIABLE INDICATOR OF FUTURE RESULTS. THIS ALSO APPLIES TO HISTORICAL MARKET DATA.

RISK INDICATORS KEY FIGURES

Fund Size - USD M 648.5 1 2 3 4 5 6 7 Last Fund NAV/Unit 99.5

Risks Risks Annualized Rate of Return* 7.2% Annualized Volatility* 6.8% Rewards Rewards Sharpe ratio* 0.7 Information as of the end of the month indicated at the top of this page. *Figures relate to the Hypothetical Strategy Past performance from May 1996 to September 20, 2019 THIS DOCUMENT IS FOR THE EXCLUSIVE USE OF INVESTORS ACTING ON THEIR OWN ACCOUNT AND CATEGORIZED EITHER AS "ELIGIBLE COUNTERPARTIES" OR "PROFESSIONAL CLIENTS" WITHIN THE MEANING OF MARKETS IN FINANCIAL INSTRUMENTS DIRECTIVE 2004/39/EC. NOT FOR U.S INVESTORS. LYXOR / BRIDGEWATER CORE GLOBAL MACRO PROFILE | SEPTEMBER 2019 ClassFUND I - USD - CLASS I USD MULTI ASSET

HYPOTHETICAL STRATEGY MONTHLY RETURNS - % LEGAL STRUCTURE Fund of Lyxor Newcits IRL III ICAV, Irish J F M A M J J A S O N D YTD UCITS 2019 0.55 0.10 0.62 0.81 -1.61 1.57 1.61 -1.54 1.49 3.60 2018 0.33 -0.84 -1.31 0.57 0.96 0.23 -0.17 -0.65 0.34 0.44 -0.43 0.40 -0.14 FUND INCEPTION DATE 2017 -0.06 1.10 0.40 -0.33 -0.45 -1.10 0.37 1.00 0.58 1.74 -0.22 0.94 3.99 20/09/2019 2016 -0.63 -1.82 1.60 0.63 1.15 0.50 1.14 0.72 0.24 1.85 0.05 1.93 7.55 2015 4.42 1.74 0.98 -0.40 -0.13 -2.92 0.79 -3.57 -1.83 2.94 0.18 -2.44 -0.54 SHARE CLASS LAUNCH DATE 2014 0.56 2.51 -0.07 1.57 1.94 1.19 -1.22 1.54 -2.07 0.15 0.95 -1.15 5.95 20/09/2019 2013 -0.22 -0.67 0.52 1.70 -2.24 -4.71 2.44 -0.93 2.24 2.33 -0.81 -0.90 -1.49 2012 2.74 0.45 -0.88 1.04 -0.31 0.00 2.45 0.27 1.29 -0.73 1.00 0.72 8.29 REFERENCE 2011 -0.25 1.46 0.54 4.17 0.40 0.00 4.13 1.97 -3.02 2.77 -0.95 1.64 13.38 USD 2010 1.17 1.98 0.21 2.70 0.44 2.40 1.88 3.60 2.55 1.73 -2.40 1.08 18.62 2009 0.77 -0.71 0.86 -1.07 -0.53 -0.50 1.81 1.58 2.39 0.02 4.28 -3.02 5.82 2008 2.87 3.39 1.14 -3.11 1.56 1.85 -3.24 0.81 -5.97 -7.57 3.36 3.37 -2.35 LIQUIDITY* 2007 -0.57 1.34 0.27 0.93 -0.31 -0.55 2.08 0.32 2.64 3.49 -0.22 0.18 9.92 Daily with 1-day notice 2006 1.86 -0.23 -1.38 1.71 0.47 -0.80 1.36 0.33 -1.32 0.34 1.32 -1.62 1.98 2005 1.32 0.72 0.03 1.10 0.96 1.71 -0.56 1.10 1.31 -2.13 0.94 1.72 8.45 DEADLINE FOR PLACEMENT OF ORDERS 2004 0.04 1.93 2.00 -3.70 1.58 0.40 0.33 2.30 2.25 2.56 3.06 0.49 13.87 2003 1.08 2.71 -2.22 1.49 5.85 -0.88 -1.88 1.93 2.20 1.55 0.69 2.73 16.06 2002 -3.50 2.29 3.71 1.74 1.93 1.74 -2.33 3.25 -1.51 1.09 1.42 1.85 12.01 2001 -0.28 -2.63 -4.37 4.12 -1.72 1.35 0.43 0.00 -3.84 3.60 -0.72 -1.11 -5.42 INVESTMENT MANAGER 2000 0.44 1.94 -0.06 -1.95 3.60 1.95 -1.46 -1.31 -2.30 -2.86 3.13 3.63 4.53 Lyxor Asset Management S.A.S. 1999 2.09 -0.30 1.28 2.88 -1.63 -0.04 0.49 0.05 1.43 -0.18 -0.37 1.46 7.29 1998 2.63 1.16 1.83 0.00 -1.09 0.69 -1.01 -5.51 5.21 5.49 0.74 0.96 11.18 SUB-INVESTMENT MANAGER 1997 1.71 2.03 -4.12 3.11 1.00 1.74 4.36 -1.24 4.17 -0.34 1.39 0.50 14.93 Bridgewater Associates LP 1996 2.64 -0.67 1.89 4.75 0.10 5.21 -0.15 14.44

The performance information presented herein does not represent the results of an actual fund. The Hypothetical past performance shown since June 1996 (“Hypothetical Strategy Past ADMINISTRATOR Performance”) is rebalanced monthly and based on a combination of two funds managed by Bridgewater Associates LP (“Bridgewater”): (i) the performance history for 50% of investment SS&C GlobeOp in the All Weather Fund in US dollar gross of fees originally at 10% volatility scaled to 11% volatility for the Hypothetical Strategy (that seeks to harvest risk premiums) dating back to June 1996 (“Reference Fund 1”), (ii) the retreatment of the performance history from June 1996 to October 2010 for 50% of investment in the Pure Alpha Major Markets Fund in US dollar gross Under normal market conditions, Lyxor intends to offer the LIQUIDITY of fees originally at 14% volatility scaled to 11% volatility for the Hypothetical Strategy (that seeks to time market) (“Reference Fund 2”), (iii) the performance history since November 2010 mentioned above. However, the LIQUIDITY is not guaranteed and there for 50% of investment in the Pure Alpha Major Markets Fund in US dollar gross of fees originally at 14% volatility scaled to 11% volatility for the Hypothetical Fund (that seeks to time are circumstances under which such LIQUIDITY may not be possible. market) (“Reference Fund 3”).The Pure Alpha Major Markets Fund incepted in November 2010. Prior to November 2010, returns of the Reference Fund 2 are simulated based on the * The Class I shares may be offered through sub-distributors. The sub- performance of the Pure Alpha Fund, a similar Fund as Pure Alpha Major Markets, also managed by Bridgewater but with some differences detailed as follows: the Pure Alpha Fund have distributors will not receive a rebate from the Manager in respect of been further modified to remove the returns from markets that were capacity and liquidity constrained in the Pure Alpha Fund to more closely reflect the Pure Alpha Major Markets Fund. such distribution. Pure Alpha Major Markets trades markets within the Pure Alpha Fund, encompassing approximately 2/3 of the pure Alpha risk budget with a slight emphasis on longer-term trading ** All currency share classes may not be activated. Reference currency strategies although Pure Alpha Major Markets draws upon the most liquid components of the Pure Alpha Fund and trades in markets that are not capacity constrained. Bridgewater is USD. expects Pure Alpha and Pure Alpha Major Markets to exhibit a high degree of correlation with similar returns over time. Where shown, performances of the Hypothetical Strategy are *** The management fee rates mentioned above are the actual rates presented net of fees using a 1.5% fixed fee and a 15% performance fee charged yearly. Hypothetical Strategy Past Performance is for illustration purposes only. Results of the charged for each relevant share class. The maximum management fee Hypothetical Strategy Past Performance have certain inherent limitations. Hypothetical Strategy Past Performance is not representative of an actual or expected performance record due rates disclosed in the legal documentation are as follows: up to 1.5% to, among other reasons, the different regulatory structures, fees, expenses, impact of subscriptions and redemptions and investment currencies. Unlike an actual performance record, for Class I, up to 1.65% for Class IA, up to 2.2% for Class A, up to simulated performance does not represent actual trading or the costs of managing a portfolio. Also, since the trades have not actually been executed, the results may have under or over 2.0% for Class A1 and 2.35% for Class AA. compensated for the impact, if any, of certain market or economic factors, such as lack of liquidity or the impact of subscriptions and redemptions in a fund. Hypothetical Strategy Past **** The minimum initial subscription in non-USD currencies is Performance in general is also subject to the fact that it is designed with the benefit of hindsight. The inclusion of simulated past performances based on Pure Alpha Major Markets Fund, approximately equivalent to the amount stipulated in USD in the table Pure Alpha Fund and All Weather Fund does not constitute an offer to solicit nor an offer to sell any securities or interest in the Pure Alpha Major Markets Fund, Pure Alpha Fund and All above. Please refer to the legal documentation for more information. 5 bd = business days Weather Fund or interest in any Bridgewater or Lyxor fund or program. No part of this discussion or the material shown herein may be (i) taped, repeated, copied, or duplicated in any form The Fund complies with the UCITS Directive and has been approved by by any means or (ii) redistributed to the public or the press in any way without the prior written consent of Bridgewater and Lyxor Asset Management. THE FIGURES RELATING TO the of Ireland. Please refer to the prospectus for a full HYPOTHETICAL PAST PERFORMANCE AND PAST PERFORMANCE REFER OR RELATE TO PAST PERIODS AND ARE NOT A RELIABLE INDICATOR OF FUTURE RESULTS. THIS ALSO APPLIES TO disclosure of fund characteristics. HISTORICAL MARKET DATA. FUND CHARACTERISTICS MAIN RISKS CLASS I * CLASS IA USD CLASS A CLASS A1 CLASS AA USD Potential investors should be aware that any direct or indirect Currencies ** EUR, USD, JPY, CHF, GBP, HKD, SGD, NOK, SEK investment in any or investment vehicle described herein is subject to significant risks, including total loss of capital, and that there Type of shares Capitalisation are significant restrictions on transferability and redemption of any such security or interests in any such investment vehicle. Investors should be Management Fee Up to 1.5% 1.65% 2.20% 2.00% 2.35% *** able to bear the financial risks and limited liquidity of their investment. Performance Fee 15% The Fund has a limited operating history.

Hurdle N.A. • Risk of losses • Leverage & Value-At-Risk Administrative Fee up to EUR 100.000 + 0.4% p.a. • Volatility Minimum Initial • Risk 500,000 500.000 250.000 350.000 250.000 Investment **** • Currency Risk ISIN USD IE00BKDKNP28 IE00BKDKNV87 IE00BKS2WX42 IE00BKTN1X90 IE00KDKNW94 EUR IE00BKDKNQ35 TBD IE00BKS2WW35 IE00BKTN1W83 TBD Lyxor Asset Management Tours Société Générale - 17 Cours Valmy DISCLAIMER 92987 Paris La Défense Cedex - France This profile is proprietary and confidential. The information in this material is for illustration and discussion purposes only. It is not intended to be, nor should it be construed or used as, [email protected] investment, tax or legal advice, any recommendation or opinion regarding the appropriateness or suitability of any investment or strategy, or an offer to sell, or a solicitation of an offer to buy, an +33 1 42 13 31 31 interest in any security, including shares in the Fund. 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Investors should make their own appraisal of the risks and should seek their own financial advice regarding the appropriateness of investing in any securities or financial instrument or participating in any investment strategy. Before you decide to invest in any account or fund, you should carefully read the relevant client agreements and Offering Documents. No representation is made that your investment objectives will be achieved. The information displayed in this document may change from time to time without notice. Certain information presented herein has been obtained from other sources believed to be reliable. Such information has not been verified and no representation or warranty, express or implied, is made as to the fairness, accuracy, completeness or correctness of such information, nor does Lyxor S.A.S. accept any liability arising from its use. Any opinions expressed herein are statements of our judgment on this date and are subject to change without notice. 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